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Information and communication technology has significantly changed the concept of the libraries from analog method to digital era. Academic libraries are tasked with the responsibility to provide access to digital information resources needed by library users and researchers. Few academic libraries currently contain electronic resources, but more are projected to do so in the future as digital resources and services support teaching, learning, research, as well as the preservation and conservation of written information. The paper therefore identifies the hindrances facing academic libraries, such as inadequate funding, poor bibliographic control, insufficient ICT facilities, epileptic power supply, man-power training and changing roles of professional librarians. Survey research design was adopted for the study to collect data from three academic libraries in Lagos state (University of Lagos Library, Yaba College of Technology Library and Federal College of Education Akoka, Library. Statistical tools such as frequency distribution, percentage prevalence, and chi-square were used to test the research questions at the 0.05 level of significance. A total of 240 questionnaires were distributed to the students of the study institutions, and 195 of them were returned filled out. The results show the various types of digital resources and identified the types of information resources digitized, the reasons for digitization, impacts of easy access to the digitized resources, storage/preservation techniques of digitized resources and the challenges faced by professional librarians in the process of information resources digitization and the effective utilization of the e-resources by researchers/library users. The study concluded that digitization of resources will empower the students/patrons/researchers with large scope of information access and utilization for knowledge development. The research also recommended that academic libraries should establish a wider networking with stable internet facilities to provide digitized resources and services to students/researchers on payment bases to avert the problem of financial constrain for the services rendered. Finally. the paper concluded that effective digitization of resources brings positive change to the educational system and economic development in Nigeria.